Petro Poroshenko, Ukraine’s president, formally nominated Mr Smolii this January after having previously considered other candidates. Nearly a year of political horse-trading delayed the appointment of a new governor. Support for Mr Smolii’s candidacy swelled in recent months, not least because the central bank under his leadership demonstrated independence and bold adherence to anti-inflation targeting in adopting a series of unpopular rate rises.

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Look to the notion of a ‘bold adherence to anti-inflation targeting’ as the maladroit apologetic for Austerity , not to speak of the twin notion of ‘anti-corruption’. The quoted comment by Timothy Ash ’emerging markets strategist’ or in plain English Vulture Capitalist, is telling!

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“[Mr Smolii] has performed admirably in the job . . . indeed, I think the NBU is currently a reform beacon, where other reforms seem to be lagging,” Timothy Ash, emerging markets strategist at Bluebay Asset Management, wrote in a note.

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The reader also must note that the comments section for this ‘news item’ is not enabled. Never a surprise, as the editors of this ‘newspaper’ fear more than anything the withering contempt of their regular readership!